Excerpts from the article:
Atanas Ilitch, president of Olympia Development of Michigan L.L.C., said that the virtually full occupancy of the 140 apartments in the 92-year-old, 18-story building was a sign that Grand Circus Park was a “sleeping giant,” ripe for more residential and commercial growth.
It cost $17.5 million to remodel the old glazed white brick office tower into apartments ranging from one-bedroom units of 600 square feet to two-bedroom, two-bath units of 1,180 square feet, said Robert Bates, managing partner for Kales Building L.L.C.
Working through the Detroit Economic Growth Corp., Kales Building L.L.C. hooked up with the city’s municipal parking authority on a 30-year lease for 190 spaces, and built a connecting tunnel from a lower level of the Kales into the recently upgraded Grand Circus Park underground garage.
Rents are comparable to other downtown rentals, such as Lofts at Merchants Row on Woodward across from Compuware Corp. headquarters. There rates range from $750 for a 600-square-foot studio unit to $1,600 for a 1,500-square-foot one-bedroom unit and $2,550 and up for 2,000 to 3,000-square-foot three-bedroom units.
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